Wednesday, June 06, 2012

Nifty - Elliott Wave Analysis

Nifty staged a sharp rally, which almost confirmed today. Now two overhead resistances can be seen to confirm a sustained up move. The two counts above are bearish and bullish respectively, but as it often happens using EWP both suggest an up move in coming days. It could either be a third wave or a wave [c], and both are going to be dynamic. But as always this is what we make of the markets, what exactly will happen depends totally on market itself. If prices sustain above 5020 we may look at any consolidation as an opportunity to buy. But don't rush the markets, if up move gets confirmed we will get many 3 wave pullbacks to enter into the trend.

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